Peadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

It is important to focus on what is being done today. A group of people, some of whom are present in the Gallery, took out mortgages that were subject to regulation. As a result of a Government decision, however, their mortgages are no longer regulated. A whole sector of financial services is putting the squeeze on citizens. Families need a home because without a warm, safe and comfortable home, very little else flows in life, whether it is the education or health of one's children or one's mental well-being. The prospect of having the family home taken away is one of the biggest threats a human being can suffer in his or her life.

While I accept the Minister's point that not all vulture funds will have the same motivation or strategic commercial objectives, some of these companies are seeking repossession at the earliest possible date in order that they can make financial gains. The Bill does not fully regulate these vulture funds and, by default, allows them to operate in a universe of deregulation. In addition, regulation for regulated sectors is being watered down and the powers of the Financial Services Ombudsman and Central Bank to enforce the rights of citizens weakened. Let us take the example of a vulture fund that has purchased a portfolio of vulnerable mortgages for the purpose of pressing ahead with repossessions at the earliest possible date with a view to selling the repossessed properties to realise a profit.

Let us assume that this is a possibility. One method of pushing a family over the edge is to raise the interest rate, making it impossible for them to hold on to the family home. The Government could allow for this action to be regulated. My amendment would delete these aspects and negate this possibility. I have heard the Minister in the media a number of times speak robustly about the need for the pillar banks and the other operating banks to fall into line in terms of interest rates, given the damage being done to ordinary families trying to get by in life. He has met the banks to realise this objective, yet a section of financial groups, many of which are operating abroad, are not subject to the political leverage any Minister might bring to the table in the future and could easily raise interest rates, forcing defaults and repossessions. Instead of seeking minimalist control over vulture funds, I appeal to the Minister to increase the tools of the State apparatus and do no more than the right thing by citizens.